2020 March 13, 15:33
CEO Enrique Fernandez to join Board of Directors of M.Video
13 March 2020, Moscow, Russia. PJSC M.video (M.Video-Eldorado Group, the Company, or the Group), Russia's largest consumer electronics retailer by revenue (MOEX: MVID), announces that Group CEO Enrique Fernandez is expected to be nominated to the Board of Directors (subject to AGM approval) in the middle of this year. After this appointment, Mr. Fernandez will ensure a smooth transition of duties to the successor and will step down from his current position.
Enrique Fernandez has been with M.Video for more than a decade since joining in 2009 as a commercial director. He became CEO of M.Video in 2016 and successfully steered the company through its landmark merger with Eldorado, before overseeing the integration of the two companies as CEO of the expanded M.Video-Eldorado Group. Under Enrique Fernandez's leadership, the Company has efficiently implemented an omni-channel model across M.Video and Eldorado, and launched strategic projects that are at the heart of the Group's ONE RETAIL strategy, including a credit platform, the m_mobile brand, a mobile app and a platform for sales staff in stores (RTD).
Executive search firm Spencer Stuart is appointed to assist with finding the right person to lead M.Video into its next phase of development. Mr Fernandez will play an active role in this process, and continue to lead the Group as CEO in the meantime to ensure continuity and a seamless handover of all responsibilities.
M.Video-Eldorado Group President Alexander Tynkovan said:
"Under Enrique's leadership, the group has achieved a number of major landmarks, including the successful merger of M.Video with Eldorado to create a top-ten electronics retailer globally by revenue. Enrique has delivered on his commitment to complete the integration of the two companies, and laid the foundations for future growth and continued market leadership with the ONE RETAIL strategy.
I would like to place on record my appreciation for outstanding professional skills and personal charisma of Enrique, which have driven the company forward and strengthened its market leadership.
The Group is now embarking on a strategic transformation that will embrace the possibilities of the digital era. This is a formidable challenge, and one that will require new long-term leadership. We will take our time to identify the right candidate, and aim to appoint a new CEO in the next several months.
The Board of Directors plans to recommend that shareholders approve Enrique's appointment to the Board, and I look forward to continuing to work with him in this new capacity."
Chairman of the Board of Directors of PJSC "M.video" Said Gutseriev commented:
“The annual general meeting of shareholders at the end of 2019 approved a new format for the Board of Directors, which will consist if of nine people. We are also aiming to increase the number of independent directors and directors with expertise relevant to the consumer electronics market as well as to our online business.
Adhering to best international practice in our corporate governance has always been one of the strengths of M.Video, and it will continue to be in the future. The Board of Directors plans to recommend that shareholders elect Enrique, as his skills and experience will undoubtedly strengthen our strategic planning and oversight. His joining the Board should represent one of the best “acquisitions” for the Company and its shareholders”.